Economics
U.S. Existing-Home Sales Unexpectedly Climb to a One-Year High
- Buyers rush housing market ahead of surge in mortgage rates
- Inventory further depleted to a record low in January
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Sales of previously owned homes unexpectedly increased to a one-year high as buyers rushed in ahead of a surge in mortgage rates, further depleting tight inventories to a record low.
Contract closings increased 6.7% in January from the prior month to an annualized 6.5 million, figures from the National Association of Realtors showed Friday. All four regions saw gains on a monthly basis. The median forecast in a Bloomberg survey of economists called for a 6.1 million annualized rate in January.